Practus’ Performance Improvement Solution assisted the adhesive manufacturer in automating claim settlements with end-to-end TAT visibility to all the stakeholders.

Client ROIIndustryOwnershipManagementNo. of EmployeesSizeProject Duration
An Adhesive Manufacturer Company5XFMCGListed Indian MNCProfessional~5000+$667 million18 months

About The Company

Stickwell is 60 years old Indian adhesives, industrial chemicals, and building chemicals’ MNC with manufacturing setups in 10 countries, a presence in 70+ countries, offering consumer and industrial products.

Practus’ Role in Performance Improvement

  • Reducing errors and claim settlement from their existing 50 days as it was a manual process.
  • To identify and implement process improvement and automation opportunities for reduced manual intervention.
  • In the commercial finance division, all policy terms and conditions were followed to the T.​
  • Act as the data custodian and enable easy and real-time data access for analysis.​

Impact Delivered in Performance Improvement

  • An automated claim settlement portal was created with end-to-end TAT visibility.​
  • Y-o-Y improvement was seen on the following parameters:
    • The customer query resolutions increased to 93% from 51%.
    • The automated claim settlement share increased to 81% from 40%.
    • The percentage of employees following the stock loss policy increased to 83% from 58%.
    • Despite a 50% increase in the number of schemes, the claim settlement reduced to 12 working days from 37.
    • No-claim confirmation policy increased to 82% from 71%.
    • Other claim settlements, such as returns, disposal, samples, and rate discrepancies reduced to 12 working days from 34.

See how Practus can assist you in improving your organization’s Performance

*Client Name has been masked for the purpose of confidentiality